A bill which seeks to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre was moved for consideration and passage in the Rajya Sabha on Wednesday.

The New Delhi International Arbitration Centre (Amendment) Bill, 2022 was passed by the Lok Sabha on August 8, 2022.

After moving the bill in the Upper House, Union Law Minister Kiren Rijiju said, "Every member will be supporting the bill, but I also expect some valuable suggestions and contributions while discussing this bill." He explained that the amendment is very limited one and proposes to further amend the provisions of the New Delhi International Arbitration Centre Act 2019.

He said there are many arbitration centres in the country with name of the city.

"Now there is another Delhi Arbitration Centre under the aegis of the Delhi High Court. So this Delhi Arbitration Centre will also have some confusion with the already established centre. Parliament is making an important institution by its wisdom then it must have its own standards. It is a centre of national importance. So it must carry name of the country as a whole," the minister reasoned.

He pointed out that this centre is not for Delhi or people living in areas surrounding the national capital territory rather it would be for whole of India and for parties coming from abroad.

"While this particular centre will be international centre, the name India must replace New Delhi (word)," he said.

According to the statement of objects and reasons of the bill, "it is considered imperative to change the name of the Centre from New Delhi International Arbitration Centre to India International Arbitration Centre so that a unique identity of the institute of national importance as conferred on it by law is evident and reflects its true objective".

"It has been felt that the (New Delhi International Arbitration) Centre, being an institution of national importance, gives an impression of being city-centric whereas it should be reflective of the aspirations to promote India as a hub of institutional arbitration and establish itself as a centre of international commercial arbitration," the statement said.

The minister said "our country is emerging as an economic power" and therefore all institutional systems should work properly.

He said this centre should also emerge as a reputed arbitration centre like those in other parts of the world (Paris, Geneva, Singapore).

Initiating the debate on the bill, Vivek K Tankha (INC) supported the bill and said, "We want India to emerge as an international arbitration centre. I have no reason to oppose. This is a welcome change." He cited example of the other reputed arbitration centres in the world and stated that all such centres are run by societies.

"Singapore is doing very well. Fifty-four per cent people choose Singapore as seat of arbitration. In South East Asia, 74 per cent choose Singapore only," he stated.

He said Indians too choose London, Geneva or Paris.

He pointed out that the composition of this centre is controlled by government.

The credibility of the Centre decides its popularity, he noted.

"The fee charged by the centre is phenomenal. If you make your system so expensive, then who is going to come to you," he reasoned.

BJP member Sushil Kumar Modi too stressed on the need for improving standard of the centre citing that Amazon Future arbitration case is going on in Singapore.

Modi demanded that the Supreme Court and High Courts in the country should also function round the year like other institutions.

He pointed out that the apex court and high courts go for vacation in summers as well as winters, especially when there is huge pendency of cases.

All India Trinamool Congress (AITC) member Sukhendu Sekhar Ray said this government has come to know about change in the name of the centre after lapse of three year (since the Act came into existence in 2019).

He wondered who would come to India for arbitration if the country progresses at this speed (of work to create a world class centre).

"We took three years to change the name of the institution. But I am not opposing the bill," he said.

DMK member P Wilson also supported the bill but pointed out that it puts Rs 2.5 lakh burden on the exchequer for running Parliament for a minute.

"If you calculate the time for both the Houses -- Lok Sabha and Rajya Sabha -- for this bill, the expenditure of the exchequer will be Rs 1.5 crore. Due to the incompetent draftsman, so much money is being wasted." The Aam Aadmi Party (AAP) also supported the bill and suggested that the fees being charged by the arbitration centre be reduced.

BJD member Prashanta Nanda and YSRCP member V Vijayasai Reddy also supported the bill.